Blogs, insights, guides and videos on India's unlisted market — all in one place.
<p data-source-line="3-3">Tracking <strong>CSK unlisted shares price</strong> over the last few years shows a clean, textbook <strong>three-phase market cycle</strong>: accumulation → correction/consolidation → recovery & breakout. Understanding these phases helps investors read <em>demand–supply zones</em>, identify where strong hands accumulated, and why the recent breakout matters.</p> <hr data-source-line="5-5" /> <h3 data-source-line="7-7">A) Phase 1: Accumulation (2021–2023) — Smart money builds the base</h3> <p data-source-line="8-8">From 2021 to 2023, <strong>CSK unlisted share price</strong> moved steadily from around <strong>₹75 to ₹140</strong>, and later rallied sharply to <strong>₹210+</strong>.</p> <p data-source-line="10-10">Key drivers behind this phase:</p> <ul data-source-line="11-14"> <li data-source-line="11-11"><strong>Improving visibility on IPL media rights economics</strong>, which strengthened long-term revenue confidence</li> <li data-source-line="12-12"><strong>Rising IPL franchise valuations</strong> as sports assets gained institutional interest</li> <li data-source-line="13-14"><strong>Growing participation in the unlisted market</strong>, especially in high-brand franchises like CSK</li> </ul> <h3 id="demand-zone-highlight%3A-%E2%82%B9140" data-source-line="15-15">Demand Zone Highlight: ₹140</h3> <p data-source-line="16-16">A <strong>strong demand zone formed near ₹140</strong>, where buying interest repeatedly absorbed supply and price found stability before the next leg up.</p> <p data-source-line="18-18">Reference page for tracking: <a href="https://unlistedzone.com/shares/csk-share-price-buy-sell-unlisted-shares" target="_blank" rel="noopener noreferrer">CSK Unlisted Shares Price</a></p> <hr data-source-line="20-20" /> <h3 data-source-line="22-22">B) Phase 2: Correction & Consolidation (2023–2025) — Healthy cooldown, higher base</h3> <p data-source-line="23-23">After the sharp upmove, the price corrected from roughly <strong>₹220 down to ₹150–160</strong>, and then consolidated.</p> <p data-source-line="25-25">Why this correction was “healthy” structurally:</p> <ul data-source-line="26-29"> <li data-source-line="26-26"><strong>Profit booking</strong> after a steep rally is normal in all markets</li> <li data-source-line="27-27"><strong>No major structural breakdown</strong>—the trend didn’t collapse, it digested gains</li> <li data-source-line="28-29"><strong>Higher base formation</strong>—the market built a stronger long-term floor compared to earlier levels</li> </ul> <p><strong>Support Zone Highlight: ₹150–160</strong></p> <p data-source-line="31-31">This range acted like a <strong>long-term support zone</strong>, reinforcing investor confidence that CSK still had sustained demand at higher levels.</p> <hr data-source-line="33-33" /> <h3 data-source-line="35-35">C) Phase 3: Recovery & Breakout (2025–2026) — Resistance breaks, fresh demand enters</h3> <p data-source-line="36-36">In 2025–2026, the price gradually moved up again and <strong>broke above the earlier resistance band of ₹210–220</strong>.</p> <p data-source-line="38-38">A major sentiment tailwind has been the <strong>stake sale / potential sale buzz and valuation resets across IPL franchises</strong>, which has helped re-rate the “fair value” expectations for teams.</p> <p data-source-line="40-40">For example, recent reports indicate <strong>billion-dollar bidding interest around IPL franchises like RCB and Rajasthan Royals</strong>, highlighting how IPL franchise valuations can reset upward during ownership transaction cycles:</p> <h3 id="why-%E2%82%B9220-matters-(key-breakout-level)" data-source-line="44-44">Why ₹220 matters (Key breakout level)</h3> <ul data-source-line="45-48"> <li data-source-line="45-45"><strong>₹220 was a strong resistance</strong> (previous supply + previous peak zone)</li> <li data-source-line="46-46">A <strong>sustained move above ₹210–220</strong> suggests <strong>fresh demand and higher acceptance</strong></li> <li data-source-line="47-48"><strong>₹260 becomes a price discovery zone</strong>, where the market explores new valuation comfort levels</li> </ul> <hr data-source-line="49-49" /> <h3 data-source-line="51-51">What this means for investors tracking CSK unlisted shares</h3> <p data-source-line="52-52">If you’re following <strong>CSK unlisted shares price</strong> behavior, this 3-phase structure gives you a practical framework:</p> <p data-source-line="54-54">Accumulation zones show where conviction builds, consolidation zones show where the market “tests” that conviction, and breakouts often mark a new demand wave—especially when the broader IPL valuation narrative turns supportive.</p> <p data-source-line="56-57">You can track the latest CSK reference levels here:<br />➡️ <a href="https://unlistedzone.com/shares/csk-share-price-buy-sell-unlisted-shares" target="_blank" rel="noopener">CSK Unlisted Shares Price</a><br /><br /><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1770882721.jpeg" alt="" width="50%" height="50%" /></p>
<div id="shorts-panel-container" class="style-scope ytd-shorts"> <div id="anchored-panel" class="anchored-panel style-scope ytd-shorts"> <div id="content" class="style-scope ytd-engagement-panel-section-list-renderer"> <div id="items" class="style-scope ytd-structured-description-content-renderer"> <div id="snippet" class="style-scope ytd-text-inline-expander"><span id="snippet-text" class="style-scope ytd-text-inline-expander"><span id="plain-snippet-text" class="style-scope ytd-text-inline-expander">In this video, we break down NSE Q3 FY26 results, explain the improving quarter on quarter trend versus softer year to date performance, and discuss what rising trading volumes and IPO progress could mean for Q4 and overall market sentiment.</span></span></div> </div> </div> </div> </div>
<p>Berar Finance Limited operates as a regional NBFC focused on lending-led growth. A look at its <strong>9M FY26 numbers</strong> shows a business that is profitable and growing, but with some pressure on margins and costs.</p> <h3>A) The Big Picture (9M FY26 vs 9M FY25)</h3> <h3><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1770724251.jpg" alt="" width="50%" /></h3> <h3>B) Lending Engine: Growth Continues</h3> <p>Interest income grew from <strong>₹199 Cr to ₹233 Cr</strong>, driven by a <strong>26% YoY expansion in the loan book</strong> to ₹1,644 Cr. This indicates steady demand and effective loan disbursement during the period.</p> <p>However, the growth came at a cost.</p> <h2>C) Margins Under Pressure</h2> <p>While Net Interest Income (NII) increased to <strong>₹118 Cr</strong>, <strong>NIM compressed from 7.97% to 7.18%</strong>. Rising finance costs (₹115 Cr vs ₹95 Cr last year) suggest higher borrowing costs, which limited margin expansion.</p> <p>This trend mirrors what many mid-sized NBFCs are facing in a high interest rate environment.</p> <h3>D) Cost Structure: Expenses Rise Faster Than Profits</h3> <p>Operating expenses increased sharply from <strong>₹65 Cr to ₹85 Cr</strong>. As a result, despite higher revenues, <strong>PBT dipped slightly to ₹31 Cr</strong>, and <strong>PAT remained flat at ₹24 Cr</strong>.</p> <p>In simple terms: Berar Finance is growing, but efficiency gains have not yet kicked in.</p> <h3>E) Asset Quality: Improving, But Still Elevated</h3> <p>The positive highlight lies in asset quality:</p> <ul data-spread="false"> <li> <p><strong>GNPA improved to 4.12% from 4.98%</strong></p> </li> <li> <p><strong>NNPA declined to 2.67% from 3.07%</strong></p> </li> </ul> <p>Provisions remained stable at ₹27 Cr, indicating controlled credit costs and better collections compared to last year.</p> <h3>F) Valuation Snapshot (Unlisted Market)</h3> <ul data-spread="false"> <li> <p><strong>Current Unlisted Valuation:</strong> ₹337 Cr</p> </li> <li> <p><strong>Share Price:</strong> ₹225</p> </li> <li> <p><strong>Book Value:</strong> ₹480.9 Cr</p> </li> <li> <p><strong>Book Value per Share:</strong> ₹320.6</p> </li> <li> <p><strong>P/B Ratio:</strong> <strong>0.7x</strong></p> </li> </ul> <p>At <strong>0.7x book</strong>, the stock trades at a deep discount, reflecting concerns around margin pressure, scale, and operating efficiency—but also offering potential upside if profitability improves.</p> <h3>G) The UlistedZone Take</h3> <p>Berar Finance Limited presents a mixed picture:</p> <ul data-spread="false"> <li> <p>Strong loan book growth</p> </li> <li> <p>Improving asset quality</p> </li> <li> <p>Margin compression</p> </li> <li> <p>Rising operating expenses</p> </li> <li> <p>Flat profitability</p> </li> </ul> <p>At current unlisted valuations, the market appears cautious. Sustained margin stability and tighter cost control could be the key triggers to re-rate the stock going forward.</p> <p>For now, Berar Finance remains a <strong>steady but watchful NBFC story</strong>—one where execution over the next few quarters will matter more than growth alone.</p>
<p>We break down SBI General Insurance’s 9-month financial results in very simple language. You will understand how an insurance company actually makes money and how much SBI General Insurance earned from its core insurance business and its investment business. We explain premium growth, claims, commissions, operating expenses, and why profits did not grow as fast as premiums. We also discuss how investment income supported earnings earlier and why it declined this year, keeping net profit almost flat. If you like simple, number driven analysis of unlisted and pre-IPO companies, follow UnlistedZone for more.</p>
<p>India’s power markets are no longer just about buying and selling electricity. They’re slowly turning into platforms where <strong>carbon, clean energy, and flexibility</strong> are priced alongside power. Power Exchange India Ltd (PXIL)’s upcoming <strong>Carbon Credit Certificate (CCC) trading platform</strong> is a clear signal of that shift.</p> <p>Here’s a UnlistedZone-style breakdown of what this really means </p> <h2>1. What is a Carbon Credit?</h2> <p>Think of a carbon credit as a <strong>permit to emit</strong>.</p> <ul data-spread="false"> <li> <p>One carbon credit typically represents <strong>1 tonne of CO₂ (or equivalent greenhouse gas)</strong> reduced, avoided, or removed from the atmosphere.</p> </li> <li> <p>If a company emits less than its allowed limit—or runs projects that cut emissions—it can earn carbon credits.</p> </li> <li> <p>If another company emits more, it can <strong>buy these credits</strong> instead of cutting emissions immediately.</p> </li> </ul> <p>In short: <em>carbon credits put a price on pollution</em>.</p> <h2>2. What is a Carbon Credit Certificate (CCC)?</h2> <p>India is moving from loosely defined voluntary credits to a <strong>regulated, compliance-ready framework</strong>.</p> <ul data-spread="false"> <li> <p>Under India’s upcoming <strong>Carbon Credit Trading Scheme (CCTS)</strong>, emission reductions will be converted into <strong>Carbon Credit Certificates (CCCs)</strong>.</p> </li> <li> <p>These CCCs will be <strong>issued only to approved projects</strong>, verified under government-defined rules.</p> </li> <li> <p>Trading of these certificates will happen <strong>only through regulated power exchanges</strong>, such as PXIL.</p> </li> </ul> <p>So unlike voluntary offsets, CCCs are:</p> <ul data-spread="false"> <li> <p>Standardised</p> </li> <li> <p>Regulated</p> </li> <li> <p>Exchange-traded</p> </li> <li> <p>Linked to India’s official climate targets</p> </li> </ul> <p>That’s a big credibility upgrade.</p> <h2>3. Who will buy CCCs and who will supply them?</h2> <h3>Buyers</h3> <p>CCCs will mainly be bought by <strong>obligated and emission-intensive sectors</strong>, including:</p> <ul data-spread="false"> <li> <p>Aluminium</p> </li> <li> <p>Cement</p> </li> <li> <p>Chlor-alkali</p> </li> <li> <p>Pulp & paper</p> </li> </ul> <p>The government has already notified <strong>greenhouse gas emission intensity targets</strong> for these sectors for FY26 and FY27. If they miss targets, they’ll need CCCs to stay compliant.</p> <p>Add to that:</p> <ul data-spread="false"> <li> <p>Large corporates with ESG commitments</p> </li> <li> <p>Utilities preparing for future carbon costs</p> </li> </ul> <h3>Suppliers</h3> <p>On the other side are entities that <strong>reduce emissions more efficiently</strong>, such as:</p> <ul data-spread="false"> <li> <p>Renewable energy and green hydrogen projects</p> </li> <li> <p>Energy efficiency projects</p> </li> <li> <p>Low-emission industrial plants</p> </li> </ul> <p>They earn CCCs and <strong>monetise their emission reductions</strong> by selling them on exchanges.</p> <h2>4. Why is carbon credit trading gaining traction now?</h2> <p>Three forces are converging:</p> <p><strong>1. Regulation is catching up</strong><br />India has committed to <strong>Net Zero by 2070</strong>. Carbon markets make that transition cheaper and market-driven.</p> <p><strong>2. Renewables are reshaping power markets</strong><br />With large-scale solar and wind integration, emissions are no longer uniform. Carbon pricing helps balance this uneven transition.</p> <p><strong>3. Cost-effective decarbonisation</strong><br />It’s cheaper for some firms to buy CCCs than to overhaul plants immediately. Carbon markets allow flexibility without slowing growth.</p> <p>Globally, energy exchanges already run <strong>carbon and environmental markets</strong>. India is simply joining the club.</p> <h2>5. How does this become a new revenue stream for PXIL?</h2> <p>For PXIL, CCC trading fits neatly into its long-term strategy.</p> <ul data-spread="false"> <li> <p>PXIL already operates <strong>Day-Ahead, Real-Time, and Term-Ahead power markets</strong>.</p> </li> <li> <p>It understands <strong>price discovery, clearing, settlement, and compliance</strong>—exactly what carbon markets need.</p> </li> <li> <p>A dedicated CCC platform means:</p> <ul data-spread="false"> <li> <p>Transaction fees on carbon trades</p> </li> <li> <p>Higher participant diversity (beyond power utilities)</p> </li> <li> <p>Expansion into <strong>environmental markets</strong>, not just electricity</p> </li> </ul> </li> </ul> <p>Importantly, the <strong>software and trading infrastructure are already built and under testing</strong>. Once final regulations are notified, trading can begin almost immediately.</p> <p>Over time, as volumes scale and more sectors come under compliance, carbon trading could become a <strong>meaningful non-power revenue vertical</strong> for PXIL—similar to how green power markets evolved.</p> <h3>The UnlistedZone takeaway</h3> <p>PXIL’s CCC platform isn’t just a new product—it’s a sign that <strong>India’s power exchanges are turning into climate-finance infrastructure</strong>.</p> <p>Electricity was just the beginning. Carbon may be the next big traded commodity.</p>
<div id="shorts-panel-container" class="style-scope ytd-shorts"> <div id="anchored-panel" class="anchored-panel style-scope ytd-shorts"> <div id="content" class="style-scope ytd-engagement-panel-section-list-renderer"> <div id="items" class="style-scope ytd-structured-description-content-renderer"> <div id="snippet" class="style-scope ytd-text-inline-expander"><span id="snippet-text" class="style-scope ytd-text-inline-expander"><span id="plain-snippet-text" class="style-scope ytd-text-inline-expander">After years of delays, NSE is moving closer to its IPO with SEBI approval in place. Early unlisted investors have already seen nearly 10x returns, plus steady dividends. This short breaks down the journey, the OFS structure, and why the NSE IPO could be a landmark moment for India’s capital markets</span></span></div> <div id="source-attributions-wrapper" class="style-scope ytd-expandable-video-description-body-renderer"></div> </div> </div> <div id="footer" class="style-scope ytd-engagement-panel-section-list-renderer"></div> </div> </div> <div class="navigation-container style-scope ytd-shorts"> <div id="navigation-button-up" class="navigation-button style-scope ytd-shorts"> <div class="yt-spec-button-shape-next__icon" aria-hidden="true"> <div> </div> </div> </div> </div>
<div id="shorts-panel-container" class="style-scope ytd-shorts"> <div id="anchored-panel" class="anchored-panel style-scope ytd-shorts"> <div id="content" class="style-scope ytd-engagement-panel-section-list-renderer"> <div id="items" class="style-scope ytd-structured-description-content-renderer"> <div id="snippet" class="style-scope ytd-text-inline-expander"><span id="snippet-text" class="style-scope ytd-text-inline-expander"><span id="plain-snippet-text" class="style-scope ytd-text-inline-expander">Hero FinCorp posted a loss in 9M FY26 despite stable lending operations and improved margins. Elevated provisions and fair value losses continue to impact profitability as the company focuses on asset quality and stability ahead of its IPO.</span></span></div> <div id="source-attributions-wrapper" class="style-scope ytd-expandable-video-description-body-renderer"></div> </div> </div> <div id="footer" class="style-scope ytd-engagement-panel-section-list-renderer"></div> </div> </div> <div class="navigation-container style-scope ytd-shorts"> <div id="navigation-button-up" class="navigation-button style-scope ytd-shorts"> <div class="yt-spec-button-shape-next__icon" aria-hidden="true"> <div> </div> </div> </div> </div>
<p>SBI General Insurance operates on a straightforward model—collect premiums, pay claims over time, and invest the interim funds. A closer look at 9MFY26 vs 9MFY25 highlights where the pressure is building.</p> <h2>A. Insurance Business: Growth Continues, Margins Under Pressure</h2> <p><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1770112524.jpg" alt="" width="50%" /></p> <p>Premium earned increased from about <strong>₹6,451 crore in 9MFY25 to ₹7,135 crore in 9MFY26</strong>, indicating steady expansion. However, <strong>claims rose almost in tandem</strong> (₹5,436 crore to ₹5,601 crore), limiting operating leverage.</p> <p>Cost pressures intensified. <strong>Commissions jumped sharply</strong> from ~₹615 crore to ~₹1,018 crore, pointing to higher distribution intensity. <strong>Operating expenses</strong> also moved up from ~₹1,038 crore to ~₹1,191 crore.</p> <p>As a result, <strong>operating profit from the insurance business improved only modestly</strong>, rising from ~₹154 crore to ~₹406 crore. Growth is visible, but it is increasingly cost-heavy.</p> <h2>B. Investment Business: Supportive, but Less Predictable</h2> <p><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1770112552.jpg" alt="" width="50%" /></p> <p>The investment book continued to support earnings. <strong>Interest income remained stable</strong>, reflecting a steady fixed-income portfolio.</p> <p>However, <strong>profit on sale of investments declined</strong> (from ~₹577 crore to ~₹368 crore), while <strong>losses on sale/redemption stayed elevated</strong>, underscoring market volatility. <strong>Interest-related expenses</strong> also increased, reducing the net contribution from investments.</p> <p>Despite this, the <strong>investment business remained profitable</strong>, though below last year—reinforcing that investment income helps, but cannot be relied upon consistently.</p> <h2>C. Putting It All Together: Total Operating Performance</h2> <p><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1770112578.jpg" alt="" width="50%" /></p> <p>Viewed together, the insurance and investment businesses show <strong>only incremental improvement in total operating profit</strong>, despite premium growth and supportive investment income. <strong>Net profit remained broadly flat</strong>, indicating that incremental growth is not translating proportionately into bottom-line gains.</p> <h2>D. Key Takeaways for Investors</h2> <p>• Growth is intact, but increasingly expensive to sustain.</p> <p>• Claims and commissions are absorbing much of the premium expansion, keeping underwriting margins tight.</p> <p>• Investment income remains important, but volatility and higher interest costs dilute its cushioning effect.</p> <p>Going forward, outcomes will hinge on claims discipline, commission control, and capital management, not just headline premium growth.</p>
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